Banking Awareness of 19 and 20 November 2024

Topic: Indian Economy/Financial Market

1. According to NSSO, the unemployment rate for urban residents aged 15 and over decreased to 6.4% for the July–September quarter.

• In the September quarter of FY24, the unemployment rate was 6.6%.
• According to the 24th Periodic Labour Force Survey (PLFS), the unemployment rate for those aged 15 and over in urban areas during the April–June quarter of FY25 was 6.6%.
• In urban areas, the unemployment rate for females (those over 15) fell from 8.6 percent in the same quarter last year to 8.4 percent in July-September 2024. The rate from April to June of 2024 was 9%.
• The unemployment rate for men in urban areas decreased from 6% in the same quarter last year to 5.7% in July-September 2024. The rate for April to June 2024 was 5.8%.
• In urban regions, the labor force participation rate for individuals aged 15 and over in Current Weekly Status (CWS) increased to 50.4% between July and September.
• With 11.8 percent, Jammu & Kashmir had the highest UR, followed by Odisha with 10.6 percent. At 10.4%, Chhattisgarh comes in third.
• The lowest unemployment rate in India has been found in Delhi.
• Eight of the 22 states and union territories have URs below the national average, while 14 have URs above it.
• The National Sample Survey Office (NSSO) had launched PLFS in April 2017.
• A quarterly bulletin with estimates of labor force indicators is released based on PLFS.
• These indicators include the unemployment rate, the worker-to-population ratio (WPR), the labor force participation rate (LFPR), and the distribution of workers in CWS by industry and general employment status.
• The percentage of jobless individuals in the labor force is known as the unemployment rate (UR).
• The percentage of the population in the labour force is known as the labor force participation rate (LFPR).

Topic: Indian Economy/Financial Market

2. India's textile exports rose 11.56% to $1,833.95 million in October 2024 compared to October 2023.

• During the same time in October, apparel exports increased by 35.06% to $1,227.44 million.
• October 2024 saw a 19.93% increase in cumulative textile and apparel exports over October 2023.
• Indian textile exports increased 4.01% from April to October compared to the same period last year.
• At the same time, apparel exports increased by 11.60 percent.
• According to Invest India, total textile exports are expected to reach $65 billion by FY26.
• The domestic textile market, estimated by Invest India to be worth $165 billion in 2022, consists of $40 billion in exports and $125 billion in domestic sales.
• By 2030, the market is expected to reach $350 billion, growing at a compound annual growth rate (CAGR) of 10%.
• India is currently the world's second-largest producer of personal protective equipment (PPE).
• One of the biggest manufacturers of apparel and textiles worldwide is India.

Topic: Regulatory Bodies/Financial institutions

3. Meta fined ₹213.14 crore by CCI over 2021 WhatsApp privacy policy.

• On November 18, social media giant Meta was fined Rs 213.14 crore by the Competition Commission of India (CCI) over the 2021 WhatsApp privacy policy update.
• CCI has said that sharing of user data collected on WhatsApp with other Meta companies or products for purposes other than providing WhatsApp services will not be made a pre-condition for users to access the WhatsApp service in India.
• In January 2021, WhatsApp informed users about updates to its terms of service and privacy policies.
• The in-app notification, effective February 8, 2021, stated that users were required to accept these terms to continue using the instant messaging application.
• This included expanded scope of data collection and mandatory data sharing with Meta companies.
• In the previous privacy policy, users had the option to decide whether they wanted to share their data with Facebook or not.
• However, with the latest policy update in 2021, WhatsApp made it mandatory for all users to share data with Meta, removing the old option to opt out.
• As a result, users had to accept the new terms to continue using the platform, which includes sharing data with Meta.

Topic: Awards and Prizes

4. Coal India Ltd received Green World Awards 2024 in London.

• Coal India Ltd (CIL) won Green World Environment Award in the Corporate Social Responsibility (CSR) category.

• The award has been given to CIL for Thalassemia Bal Sewa Yojna for permanent curative treatment of over 600 Thalassemia patients.
• In 2017, CIL became the first Public Sector Undertakings to take up the CSR project for curative treatment of Thalassemia through Bone Marrow Transplant.
• As part of this scheme, CIL provides financial assistance upto Rs. 10 lakh for Bone Marrow Transplant.
• The award was given by The Green Organization, an independent, non-political, non-profit environment group.
• This organisation is dedicated to recognizing, rewarding and promoting environmental best practices and CSR around the world.
• CIL produces over 80% of India’s overall coal. It contributes to 70% of the total coal-based power generation.

Topic: Reports and Indices

5. On November 18, 2024, the Grievance Redressal Assessment and Index (GRAI) 2023 launched by Union Minister Dr. Jitendra Singh.

• The Grievance Redressal Assessment and Index (GRAI) was conceptualized and designed by Department of Administrative Reforms and Public Grievances (DARPG), Government of India.
• It aims to present a comparative picture organization-wise and provide valuable information regarding the strengths and areas of improvement in the grievance redressal mechanism.
• The first edition of GRAI, GRAI 2022, was released on 21 June 2023.
• 89 central ministries and departments were assessed and ranked based on a comprehensive index across the dimensions of (1) Efficiency, (2) Feedback, (3) Domain and (4) Organizational Commitment and related 11 indicators.
• To calculate the index, data between January and December 2023 was used from the Centralised Public Grievance Redressal and Management System (CPGRAMS).
• There are 28 ministries/departments in Group A with registered grievances exceeding 10,000.
• There are 33 ministries/departments in Group B with registered grievances ranging from 2,000 to 9,999.
• There are 28 ministries/departments in Group C with registered grievances fewer than 2,000.
• In Group A, the Department of Agriculture and Farmers Welfare topped the ranking, followed by the Department of Posts.
• In Group B, the Comptroller and Auditor General of India topped the ranking, followed by the Department of Land Resources.
• In Group C, the Department of Investment and Public Asset Management and the Ministry of Development of North Eastern Region secured first and second positions respectively.

Topic: Summits/Conferences/Meetings

6. The 19th G20 Summit started on 18th November 2024 at the Museum of Modern Art in Rio de Janeiro of Brazil.

• PM Modi reached Rio de Janeiro to participate in the 19th G20 summit.
• The 19th G20 summit began with the theme of “Building a just and sustainable world”.
• On first day, the global leaders had discussion on the “Global Alliance on Hunger and Poverty” during the inaugural session.
• The “Global Alliance on Hunger and Poverty” is an initiative taken under the Brazilian Presidency.
• The second session was on “Reforms of Global Governance Institutions”.
• India’s Sherpa to 19th G20 Amitabh Kant talked about the importance of the Global Alliance against hunger and poverty.
• At the 19th G20 Summit, G20 leaders issued the Rio de Janeiro Declaration.
• In addition to tackling significant global issues and crises, the Declaration aims to advance robust, inclusive, and sustainable growth.
• The 18th edition of G20 summit was held between 9 to 10 September 2023.
• It was organized at Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi.

Topic: Appointments

7. K Sanjay Murthy appointed as the new Comptroller and Auditor General of India.

• Sanjay Murthy, a 1989 batch IAS officer, has been appointed as the new Comptroller and Auditor General (CAG) of India by President Draupadi Murmu.
• Currently, Murthy is the Secretary, Department of Higher Education in the Union Ministry of Education.
• He replaced Girish Chandra Murmu, who retired on November 20.
• Girish Chandra Murmu assumed office on August 8, 2020.
• Before becoming CAG, Murmu was the first Lieutenant Governor of the Union Territory of Jammu and Kashmir.
• Comptroller and Auditor General of India (CAG):
  • It is an independent authority established under Article 148 of the Indian Constitution.
  • CAG is appointed by the President of India.
  • He is the head of the Indian Audit and Accounts Department.
  • He can be removed from office in like manner and on like grounds as a Judge of Supreme Court.
  • He is entrusted with responsibility to audit the accounts and activities of Central, State and local government.
  • CAG reports are laid in the Parliament and state assemblies.

Topic: Indian Economy/Financial Market

8. Vision Next program has been introduced by central government to provide an impetus to the Textiles Manufacturing Industry.

• Union Minister for Textiles Giriraj Singh said this recently.
• He said the value of the textile designing Industry in India has increased to 176 billion dollars.
• The Minister said that the industry will reach 350 billion dollars in 2030.
• He was interacting with media after the review meeting at the National Institute of Fashion Technology in Chennai.
• He said that Tamil Nadu is an important player in the Textile Industry in India.
• The Minister said funds have been allocated by Union Government to create a Textile Park in the Virudhunagar district.
• Textile Industry presently employs 4.6 crore people. The Minister said this number is expected to grow to six crores in 2030.

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